Focus stays on USD for now but Yen crosses look bit wobbly
Yesterday I heard that one big professional trader was booking profits from his long GBP/JPY trade and this has got me thinking. Perhaps we’ve taken for granted that the Yen will stay weak for a long time but we shouldn’t forget that there are big speculative positions in the market, all pointing the same way. If EUR/JPY were to break below 129.00 and AUD/JPY were to break below 95.00, the whole complexion of the market would change.
Definitely worth keeping in mind.